CEO of Goldman Sachs states Bitcoin is for fraudsters

CEO of Goldman Sachs, Lloyd Blankfein, claims that Bitcoin is a vehicle to commit fraud as the value plummets 20% in a day.

The most recent high-profile critic of the cryptocurrency has stated that “Something that moves 20% [overnight] does not feel like a currency. It is a vehicle to perpetrate fraud.”

Bitcoin is the largest cryptocurrency – a decentralized tradable digital asset. Bitcoin can only be used for exchange and in practice has been far more popular for the black market than it has for most legitimate reasons.

Due to Bitcoin’s lack of any central authority, it makes the cryptocurrency significantly adaptable to corruption, regulation or censorship.And so, this attracted a range of supporters from libertarian monetarists to drug dealers.

However, Chicago-based Cboe Global Markets will launch their Bitcoin futures on Sunday the 10th December with CME, the world’s largest futures exchange, aiming to launch its futures product the week after. The introduction of bitcoin futures by two esteemed exchanges is another step towards establishing the digital currency as a respected asset class.